Trusted specialist lender SoMo launches new brand proposition as business surpasses £132m lending mark
One of the UK’s leading specialist lenders has announced a rebrand following a significant injection of capital investment as the business surpasses the £132m lending mark.
SoMo – previously The BridgeCrowd – provides ultra-competitive rates for residential and commercial bridging loans secured over UK property.
Rebranding to SoMo, which stands for ‘Social Money Limited’, is the next step in the evolution of the business, allowing the specialist lender to expand and continue to support customers with market leading products at affordable rates.
Based in Greater Manchester, SoMo has continued to lend throughout the Covid-19 pandemic, remaining resilient and fully operational, supporting customers with alternative finance options when other traditional lenders have been more cautious. Extensive due diligence processes and fraud prevention procedures have minimised risk, taking on affordable and suitable loans with good security, giving the business the confidence to continue to lend.
Growing steadily since its initial 2012 launch, SoMo reported £3.7m in net profit for the last financial year, lending to those seeking a bridging loan to cover residential or commercial property purchases for purposes such as business and investment purposes, property acquisitions and below market purchase, property refurbishment, auction finance and many more.
Building on this success, SoMo has secured a significant, institutional funding arrangement that is ultimately backed by Deutsche Bank to continue its sustainable growth trajectory, and increase its customer and borrower base in the UK.
In the past eight years, SoMo has grown its headcount from five to over 50 individuals, attracting a wealth of expertise to continue to deliver customers the best possible experience. Throughout 2020, the lender has focused on expanding, increasing the team by 25%, and is moving to new premises in preparation for future growth.
The new SoMo brand creates an offering that stands head and shoulders above the multitude of bridging, peer-to-peer and crowdfunded lenders in the marketplace by virtue of the business’s track-record, affordable rates offered to borrowers up to 75% LTV and safe investment opportunities secured over UK property for investors.
As part of the rebrand, SoMo is seeking to consolidate its excellent customer service reputation that has secured a 4.3 star rating with Feefo in recent years – and one of the highest within the bridging loans sector.
Louis Alexander, CEO of SoMo, commented: “We have seen significant and steady growth under the BridgeCrowd name, not rushing to increase the loan book at the expense of the quality of our loans. This has served us well in the face of a difficult year, allowing us to deliver for borrowers, brokers and investors.
“We have helped businesses to remain resilient and grow by using sensible alternatives to traditional lenders, providing flexibility and support in the changing environment we’re currently experiencing.
“Now we are preparing for our busiest 12 months to date as we predict more brokers and lenders will need to explore specialist loan options to aid their resilience and recovery in light of COVID-19.
“The new SoMo brand is a pivotal point in the development of the business and demonstrates how we are evolving into a more mature company, one that seeks to differentiate itself while still providing a secure and expert service for our customers. Our results stand head and shoulders above the crowd and it’s time our brand did too.”
